Marcos administration faces a minefield

An economic perfect storm is set to be exploited by a butthurt Opposition.

Interest rate hikes loom in the US and a few other developed economies that exert strong influence on the Philippine economy. Add to this the effects on fuel and commodity prices of the war between Russia and Ukraine. Inflation in the Philippines already breached the 4 percent ceiling of the target set by the Bangko Sentral ng Pilipinas (BSP) this year. This puts increasing pressure on the BSP to follow the global trend and itself raise benchmark rates.